The Business Times, 16 October 1999

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Microfilm: NL21657
Total Pages: 20
1 20 The Business Times
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  • Title Section
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    15 1 THE BUSINESS TIMES MfTA (P) (UKj]?/oa Internet: http://business-times.asial.com.sq/ SINGAPORE J SATURDAY, OCTOBER 16, 1999 85*
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  • Article
    Lock icon MARKET SUMMARY
    60 1 □m SML2B (-51.29) BT-S&I 78L47 (-17.17) 80PCI WmikES ***** (-7^o) Hfeii: STOCK HABSET INDICES Frtday Change KLSECOMP 721.18 -MJ7 NIKKEI 17JI1J7 -17&M HANG SENG 12JWJ6 ,W7.74 SET INDEX J86.40 -7J» JAKARTA OOKP _Jf7J2 +*14 MANILA COMP _U14JI 4W TAIPEI WP! 7,819.09 Mffl SEOUL COMP 8H.IS CLSA CHINA B
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  • Article
    Lock icon Untitled
    75 1 man mm us$ St UBS 1.889 XfUSfSfperS) 1JM 1771 EUlK)(im«$p«E5 1078 1J1I Ml 1.8M W* YEW W7J lif7* R> UN 8.442 HKS 7.7W 0518 BAIfT »JB IMJ KUPIAH 8J7I 8J11 *8$ to 100 wtUi FUME KITES SINGAPORE* bM KUALA LUMPUR IX, JAKARTA MW BANGKOK MM MANILA ll.M HONG KONG 816
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  • Article, Illustration
    Lock icon Tops' Royal Ahold to pull out from S'pore, China, Indonesia
    596 1  -  But Dutch giant will expand profitable operations in ITsia and Thailand By Kalpana Rashiwala [SINGAPORE] Dutch supermarket giant Royal Ahold plans to pull out its loss-mak-ing Tops supermarket operations not only from Singapore but China and Indonesia as well. However,
    FILE PHOTO  -  596 words
  • Article, Illustration
    Lock icon Gatecrash this party at $272+++
    664 1  -  MILLENNIUM CELEBRATIONS Hotels taking no chances with crowds 0f50,000 ejected at Snntec City party By' Tan Su Yen [SINGAPORE] This New Year's Eve, setting foot into a hotel could cost as much as $272+++ as hotels levy cover charges and issue pre-paid food and beverage
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  • Article, Illustration
    Lock icon Thailand's powerful former bankers pick up the pieces
    1170 1  -  P Jlexclusive I Many Thais have lost control of their companies in the economic crisis. Mehta spoke to the heads of three Thai families who lost control i of their banks—the Wanglees, the Chansrichawlas, and the Cholvijams Harish Mehta IT was a
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  • Page 1 Advertisements
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      Lock icon Page 1 Advertisements Column 1
      105 1 noma BT Comment Indon presidential race still a guessing game. *3 Top stories Somerset Holdings to buy remaining 60% of Junction 8 for $115 miHion. *4 SIA to join Star Alliance by April next year. *93 lit A 2 to 4 percentage point restoration of the CPf rate will not
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  • NEXT page
    • ON THE grapevine
      • Article
        Lock icon Read the figures
        115 2 WARBURG Dillon Read said it leads in corporate advisory transactions in Asia this year, having done more than US$2.5 billion (554.2 billion), including its latest adviser role for AXA National Mutual Group's US$52O million offer to buy the outstanding shares of AXA China Region. It said it
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      • Article
        Lock icon Let's get to the bottom of this
        119 2 THE corporate communications department of a certain government-linked company has been so busy sending out its latest press release that it may have inadvertently revealed an in-house secret. The release is about the company's new MD, who's replacing the well-known female head. Since
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      • Article
        Lock icon Millennium few days away
        96 2 MARKET circles say that Tsang Ong, the stockbroking firm controlled by the Hong Leong group, will change its name to Millennium Securities within the next few days. The change of name is to reflect the role and challenges facing the firm in the next century. This
        96 words
      • Article
        Lock icon Fun(d)at work
        94 2 LAUNCHING a new ftind can be hard work. For the folks at Aberdeen Asset Management Asia, currently launching a UK blue-chip fund and a global technology fund, working past midnight has become a daily affair. But it's not all work and no play at the Scottish fund management
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      • Article
        Lock icon No Indian connection?
        73 2 SEVERAL weeks back, ABN Amro invited journalists to a seminar and exhibition on Indian art. Now, the Dutch bank has invited the media to a roadshow on Monday on a US$2OO million (*****.9 million) six-month facility for Indian Oil Corp, a Fortune 500 company, for which ABN
        73 words
    • Article, Illustration
      Lock icon Habibie's speech lacks reality: critics
      546 2 Attacks from all sides could lead to rejection, says Rais AFP, Reuters [JAKARTA] Indonesian President BJ Habibie was accused yesterday of veering away from reality when he stoutly defended his record before the national assembly to garner support for a new fiveyear term. For close
      AFP,; Reuters; AFP  -  546 words
    • Article, Illustration
      Lock icon Four Bank Bali bankers jailed
      270 2 Legri charges are being prepared, say reports AFP [JAKARTA] The Indonesian state attorney's office has jailed four bankers suspected of involvement in the Bank Bali scandal pending the preparation of legal charges against them, reports said here yesterday. The four, including former Bank Bali owner
      AFP; FILE PHOTO  -  270 words
    • Article, Illustration
      Lock icon Franz Zeller: hotelier who goes the extra mile
      949 2  -  *****11® PBOFLB Byi Corinne Kerk [SINGAPORE] It was 18 minutes after noon when Frana Zeller heard a loud boom and saw the celling come rushing down. Rather than scrambling for the neereet exit he jumped into action. "Celling tilee came down, pictures
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  • Page 2 Advertisements
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  • INDON polls
    • Article, Illustration
      Lock icon Presidential race still guessing game
      1368 3  -  With just four days to go to the Indonesian presidential election, the outcome is still unpredictable given the extremely fluid Dolitical landscane By' Yang Razali Kassim [SINGAPORE] HOURS before he faced the People's Consultative Assembly, Indonesia's Upper House or MPR, on Thursday to defend his
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  • Page 3 Advertisements
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      Lock icon Page 3 Advertisements Column 1
      352 3 N GOODPACK SYSTEM PTE LTD NOTICE IS HEREBY GIVEN that pursuant to Section 76<10Hh) of the Companies Act, Cap. 50 (the Act"), at the Extraordinary General Meeting of the Company hetd on 14 October 1999, the following resolution was duly passed as a special resolution: (1) "Pursuant to Section 76
      352 words
    • Advertisement
      Lock icon Page 3 Advertisements Column 2
      7 3 plianhe Zaolian "T 1 I W if.
      7 words
    • Advertisement
      Lock icon Page 3 Advertisements Column 3
      69 3 Mr COPTHORNE WATERFRONT SINGAPORE I jfiff r BflnTiW BIV I /^^sSoTvl #|5Jr J lJ k OW»-B4mivnffrA\l Am flfftlWUHl 111 D-mxrir \u fy «1 r r Ik s*^,-. 'h**-V j^'-^cl^ll v£f^^^^|B3Kp 5*MSi U M SI V ■i^j For reservations, please call our Hotline (65) 233 H22. 392 Havelock Road, Singapore *****3.
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  • SINGAPORE companies
    • Article, Illustration
      Lock icon Somerset to buy remaining 60% of Junction 8 for $115m
      464 4  -  Sale by 3 SembCorp units will result in $21m extraordinary gain for group By i Conrad Raj SOMERSET Holdings, which until yesterday was known as Liang Court Holdings, is buying over the remaining 60 per cent shareholding in Junction 8
      FILE PHOTO  -  464 words
    • Article, Illustration
      Lock icon HMI Hldgs closes 19% higher on first trading day
      253 4  -  By. Andrea Tan HMI Holdings closed 18.5 per cent higher at 32 cents on its first day of trading on Sesdaq yesterday on volume of 39.5 million shares, or about three times the 13.3 million the company had offered in its
      Source: Bloomberg  -  253 words
    • Article
      Lock icon Tanglin Place tender unsuccessful, bids below expectations
      292 4  -  By] Kalpana Rashiwala THE Kuok group's All green Properties said yesterday the tender for its Tanglin Place building was unsuccessful as it received bids that were below expectations. But the company said it is pursuing the disposal of the property with two parties
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    • Article
      Lock icon JC-MPH's profits overstated by $9.6m
      306 4  -  Wong Wei Kong THE effect of the overstatement of profit by its Australian subsidiary AV Jennings Homes (AVJ) on Jack ChiaMPH (JC-MPH) is an overstatement of group profit amounting to about $9.6 million for several financial years up to March 1999, JCMPH said in a
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    • Article
      Lock icon Graphics chip disruption impact not major: Creative
      524 4  -  Taiwan quake may hit supply for one or two weeks By Jennifer Lien CREATIVE Technology chairman Sim Wong Hoo said the supply of graphics chips to his company may be disrupted for one or two weeks due to the recent Taiwan earthquake, but
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    • COMPANY Briefs
      • Article
        Lock icon SingTel units buy into Net storage firm
        87 4 SINGAPORE Telecommunications said its whoDy-ownec subsidiary, Singapore Post Pte Ltd, has subscribed for 364,066 aeries A preferred shares ofsl each in the capital of First Cube, representing a 44 per cent interest in First Cube, and Sing Tel Venturee (Singapore) Pte Ltd, also
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      • Article
        Lock icon 2nd Chance gets revised credit lines
        33 4 SECOND Chance Properties said DBS Bank has extendec to the company revised short-term banking facilities of up to $4.96 million and a foreign exchange line of $300,000
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      • Article
        Lock icon IPS in deal to produce Dragon software
        60 4 INTERNATIONAL Press Softcom said it has been appointed by Dragon Systems Inc, a leading supplier of speech and language technology, to produce their latest version of Dragon Naturally Speaking 4.0 speech recognition software products for the Asia-Pacific market It said it was picked
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      • Article
        Lock icon Deltfrance Asia offer document cut
        36 4 OVERSEAS Union Bank, on behalf of Cafe Holdings Ltd, said the offer document with the foil details of the conditional voluntary cash offer for Delifrance Asia has been despatched to shareholders.
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    • Article
      Lock icon Want reason to shun nil-paid rights
      782 4  -  < lock siew r sivanithy »|L-PAID rights. To many people, mention the term and the reaction is a blank look. This is perhaps understandable, since it refers to something that only trades occasionally in the local stock market. Also, when they do appear, they
      782 words
    • Article, Illustration
      Lock icon SIA to join Star Alliance by April next year
      745 5 This will strengthen alliance's global network in Asia, Asia-Pacific and Europe: SIA chief Bloomberg [TOKYO] Singapore Airlines Ltd, Asia's most profitable airline, said yesterday that it would join Star Alliance, the world's largest airline grouping, by next April a decision awaited
      Bloomberg  -  745 words
    • Article, Illustration
      Lock icon Making history
      121 5 TBBM AMD NOW IT was a proud moment fbr VOBand Us chairman Wee Cho Yaw when the group's flagship UOB Plaza 2 was yesterday officially designated a a historic site, the only bank buiidtng in Singapore to enjoy that honour. The building was one Of 35 Historic Sites
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  • Page 4 Advertisements
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      Lock icon Page 4 Advertisements Column 1
      377 4 CAFE HOLDINGS LTD (Incorporated in the British Virgin Islands) CONDITIONAL VOLUNTARY CASH OFFER FOR DELIFRANCE ASIA LTD (Incorporated in the Republic of Singapore) ANNOUNCEMENT OF DESPATCH OF OFFER DOCUMENT Overseas Union Bank Limited ("OUB") hereby announces, for and on behalf of Caf6 Holdings Ltd (the "Offeror") that the offer document
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  • Article
    Lock icon BT SHARE information service
    2184 5 UWWMH— hftt I 144MV 69.49*. Rl M. "J* ?L iL EL w lommum h»M I tors um a** ut C*MM M CM Ow» tma um i aw KVSM 74O UO w UMAMM« h»0 VM7 4TM AM 406 J** 0* UM* MO I UN 0.7M UO OS1
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  • SINGAPORE markets
    • Article
      Lock icon Untitled
      308 6 MiiSc— ae^Sooo CMTatacomHK75c. 17.428,000 *0«n«lng hit O^ivy) E««tem Pub 10c 8202 000 QE8lnttUd20c 7^000 QokJwTAflfi usiob eXeiooo 6,568,000 MadtacsUS6c 6467,000 6101.000 WW«hhQ W«Oc 6.743.000 OC0C 56,436,200 47,040,189 Qq> 41,421,193 SIA 25,687.656 Nat Bk 10c 17.154.700 gUB—~ 1W8W77 KMMlOorp..... —15.133^08 SW SRS 13,196,136 MU*x»MLPW*****4 14 7*4 60 BouMsadW*****2 66 12.0 60
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    • Article, Illustration
      Lock icon Blue chips feel the brunt of Greenspan's comments
      571 6  -  ij comment STOCKS r.sivanithy THE local market was served a rude reminder yesterday of the power that US Federal Reserve chairman Alan Greenspan wields over the world's financial markets when stocks here fell in anticipation of a Wall Street plunge later in
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    • Article, Illustration
      Lock icon Koh Brothers wrt: time and price in its favour
      196 6  -  WARRANT WATCH -By\ R Sivanithy ONE of the latest warrants to find its way into the market is Koh Brothers 2004. The company isn't one that springs readily to mind when one talks about a local stock market recovery but even
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    • Article, Illustration
      Lock icon SPH may fall further in short term
      267 6  -  HOT STOCK -By Wong Wei Kong SINGAPORE Press Holdings (SPH) shares fell heavily yesterday, finishing as the session's biggest net loser, in contrast to its recent performance. SPH shares closed at their day-low of 129.80, down $1.90 or almost 6 per cent Volume,
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    • Article
      Lock icon Diary of events
      79 6 Ms*r Yeefe e-retailing 99 FaH Con ference tad Expo. Speakers in clod* top executives tram S«b K M|« World Trade Organized director general MQce Monro vis its Japan. Oct 17-90 iMteyi World Strategy Forme hosts a seminar on peratives for the Next Millenni urn." Oct 17-20 serve'Bank
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    • Article
      Lock icon Fed chief's warning boosts Asian currencies
      478 6 Reuters ASIAN currencies were mostly firmer in late trade yesterday, helped further by the US dollar's losses after comments by US Federal Reserve chairman Alan Greenspan, signalling he was worried about a potential bubble in asset markets. Mr Greenspan said banks should do more
      Reuters  -  478 words
  • Page 6 Advertisements
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      Lock icon Page 6 Advertisements Column 1
      192 6 wy. m 4Sb Bf Etfl The overwhe,min 9 success of Paya Übi jB Industrial Park phase I II sale has a lot to do HUH r JHflflHHa! with e unique advantages of our factory units. amm carforry parting lots in front of your unit Superb frontage facing PIE. Exclusive loading
      192 words
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      Lock icon Page 6 Advertisements Column 2
      12 6 Want to talk investments with your peers 7 :>r "http://iol.dbs. com.sg" )|> ISBANK
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  • SINGAPORE news
    • Article, Illustration
      Lock icon No 'serious effect' if CPF restored by 2-4 points
      768 7  -  NUS' econometric studies unit expects 6-&5% GDP growth this year, 8% next By. Anna Teo ALL considered, a 2 to 4 percentage point restoration of the Central Provident Fund cut next year will not have a "serious effect" on the economy,
      768 words
    • Article, Illustration
      Lock icon SP eyes S Australian transmission network
      442 7  -  P-f exclusive By\ Eugene Low SINGAPORE Power (SP), which is eyeing power plants in South Australia, is also interested in the region's electricity transmission and distribution assets. In fact, the utility may be more keen on acquiring South Australia's wires and lines business, market
      SIEW YAW HOONG  -  442 words
    • Article
      Lock icon Cisco buys 49% stake in Thai security firm
      370 7 COMMERCIAL and Industrial Security Corporation (Cisco) has bought a 49 per cent stake in a leading Thai provider of commercial security services with a guard force atlo,ooo or almost four Jim es Cisco's own staff force. In its Security Integrated newsletter, Cisco
      370 words
    • Article
      Lock icon Key asset mgt posts hard to fill: poll
      406 7  -  Jebs inclnde marketing but not fnnd mgt, research By] Ling Su Ann ONE of the challenges faced by Singapore's asset management industry is finding professionals to fill senior executive positions in marketing, client servicing and regional business development, a survey has found.
      406 words
    • Article, Illustration
      Lock icon RSP, Meinhardt win top Project Managers' awards
      439 7  -  By, Andrea Tan RSP Architects, Engineers A Planners and Meinhardt have clinched top spots as Singapore's outstanding architectural and engineering firms for 1999 respectively. The Society of Project Managers conferred the inaugural awards, out of 30 nominations, yesterday at its fourth annual dinner.
      439 words
    • Article
      Lock icon Saying 'I do' on Jan I? Will hotel do?
      57 7 nyf!iS^tea£ <!■>.«* .1 1 i A Vti to "rt® Quaese and Banish. file your notice with the ROM personally though the hotel will handle the rest of the paperm WOTBfc; .The solemnisation will cost $***** per couple, which also covers a
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    • Article
      Lock icon Two futures traders win bonus fight
      700 8  -  -ii exclusive FCT S'pore withheld their boons when they qnit but conrt rules in their favour By I Siow Li Sen THE High Court has ruled in favour of two futures traders in their suit against a former employer which withheld their bonus when
      700 words
    • Article, Illustration
      Lock icon SCM Micro makes S'pore its global hub for manufacturing
      574 8  -  US firm acquired S'pore start-up Intellicard last year By 1 Toh Han Shih SCM Microsystems, a US electronic component manufacturer, is making Singapore its worldwide hub to oversee all its manufacturing. SCM Microsystems Asia executive director Tan Tai Chew told BT
      ARTHUR LEE  -  574 words
    • Article
      Lock icon Duchess Avenue en bloc site up for grabs at $47m
      284 8 nm i FrnvEcmrCTi 999-year leasehold plot has potential for nptos9condonnits A THIRD en bloc site is up for sale in the Duchess Avenue area with a price tag of $46 million to $47 million, or about $670 per sq ft
      284 words
    • Article
      Lock icon East Asia's back and solidly so, declares WEF
      337 8 EAST Asia is on its way to economic recovery, declared the influential Geneva-based World Economic Forum (WEF) here yesterday. "There were a number erf people who rushed into judgment and decided after all, the Asian economic miracle had just been an Asian
      337 words
    • Article
      Lock icon Early change needed on odd lot trading
      137 8  -  MATT.BAG Denis Distant Singapore via Internet I REFER to the letter "Move beyond odd lots and board lots" from Alison Cousland (BT, Oct 12) and must remind her that this is Singapore where change, especially when the idea comes from outside the establishment,
      137 words
    • Article
      Lock icon Shares first to go when one needs cash in a hurry
      234 8  -  Narayana Narayana Singapore via Internet I HOPE it is not too late to comment on Louis Beckerling's column "There's no logic to the selling spree" (BT, Oct U Mr Beckerling's slew of optimistic statistics has since been tempered by
      234 words
    • Article
      Lock icon UOF offer: It's a discount
      164 8  -  Jay Lim Shanghai, China via Internet I REFER to your Hock Lock Slew column "UOF offer premium or discount?" (BT, Oct 8). It is certainly a discount There should be an alternative to the cadi offer for small public investors, at least a share swap
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  • Page 8 Advertisements
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      Lock icon Page 8 Advertisements Column 1
      45 8 Uanfte Za»hao IS j— j©B,s±ia*iifi JSPfy ©spjbmmub I W II r Jf f J M( I ii- r-A? Someone keen on expanding horizons. Someone who will relish the responsibilities. Get the edge in hiring the right one. CZEEH wfs 1 j Call ItOO 741 lit)
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      Lock icon Page 8 Advertisements Column 2
      32 8 Youcsnema/lusat bttetterQsph.com.sg, fax to us at *****71, or mail your letter to The Business Times, Times House, 390 Kim Seng Road, Singapore *****6. Ptease give your fuM name, address and telephone number.
      32 words
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      Lock icon Page 8 Advertisements Column 3
      2 8 E-mail: btletter@sph.com.sg
      2 words
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  • MALAYSIA news
    • Article, Illustration
      Lock icon Malaysia's currency peg luring more foreign manufacturers
      739 9 PENANG Cost of workers, land and buildings has fallen compared to its neighbours Bloomberg KOMAG Inc is so eager to tap cheap Malaysian workers, it is shuttering two plants near its headquarters in San Jose, California, and moving all of its production to
      Bloomberg; FILE PHOTO  -  739 words
    • Article
      Lock icon MAS, Korean Air to sign code-sharing deal
      191 9 KUALA LUMPUR AFX-Asia MALAYSIAN Airline System Bhd and Korean Air plan to sign a code-sharing agreement under which they operate five direct flights a week between their countries beginning next month, Bernama news agency reported Transport Minister Ling Liong Sik as saying. Mr
      AFX-Asia  -  191 words
    • MARKET moves
      • Article
        Lock icon Still betting on Genting
        38 9 GENTING managed to gain 10 sen to RMI3 despite a wave of selling in the market yesterday. Analysts continue to promote the company, which controls the sole casino in Malaysia, for its quality earnings.
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      • Article
        Lock icon Tan Chong's profit optimism
        60 9 TAN Chong Motor Holdings inched up one sen to RM1.94 following reports that the Nissan vehicle assembler and distributor was optimistic about returning to profitability for the financial year ending Dec 31,1999. Tan Chong managing director Tan Eng Soon reportedly said the company was on target
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      • Article
        Lock icon 2nd liners worse hit than blue chips
        46 9 SECOND-LINERS suffered more than blue chips in the market fall yesterday. Intria tumbled seven sen to 66.5 sen while Malaysian Resources Corporation fell 18 sen to RM2.80. The two companies are still trying to lighten their huge debt burdens.
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      • Article
        Lock icon Rex places 1.4m shares
        54 9  -  Compiled by; Eddie Toh FOOD manufacturer Rex Industry will place out 1.4 million shares, or 4.85 per cent of its current share capital, to raise 4.5 million Malaysian ringgit (Ss2 million). The placement, at RM3.24 apiece, is at a 10 per cent discount to its last
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    • Article
      Lock icon M'sia's Sept inflation rate eases to 2.1%; central bank may cut rates
      538 9 KUALA LUMPUR Lacklustre domestic demand, build-up of excess capacity cited Reuters MALAYSIA'S subdued annual inflation rate eased further to 2.1 per cent in September, rekindling expectations that the central bank will soon cut interest rates for the fourth
      Reuters  -  538 words
    • Article
      Lock icon Asiatic sees lower plantation earnings
      258 9 KUALA LUMPUR denting unit points to sharp drop in cmde palm oil prices Reuters MALAYSIA'S Asiatic Development Bhd said on Thursday it expected lower earnings from its plantations sector this year following a sharp drop in crude palm oil (CPO) prices. "Overall, the whole year,
      Reuters  -  258 words
    • Article
      Lock icon GIC to help manage Sunway City
      496 9  -  It will have 25% stake in 3 years: Son way chairman From', Eddie Toh in Kuala Lumpur THE Government of Singapore Investment Corporation (GIC) will send two representatives to help manage Sunway City following its cash infusion 0f362 million Malaysian ringgit (*****.7 million) into
      496 words
    • Article
      Lock icon Ekran plans to acquire 30% of IT, education company
      345 9 KUALA LUMPUR Bernama EKRAN Bhd yesterday said it proposes to acquire a 30 per cent of the equity interest in Site Capital Sdn Bhd for 12 million Malaysian ringgit (515.3 million) and take a call option to acquire another 30 per
      Bernama  -  345 words
    • Article
      Lock icon Tokyo denies freezing education funds for KL
      158 9 KUALA LUMPUR AFP THE Japanese embassy yesterday denied a report that it was holding back educational funds totalling 302 million Malaysian ringgit (*****.2 million) for Malaysia, saying the sum had already been given. The state Bernama news agency last week quoted ambassador Hideki
      AFP  -  158 words
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  • SOUTH east asia
    • Article, Illustration
      Lock icon PwC's final Pertamina report sheds no light on discrepancies
      595 10 JAKARTA Exec summary seems to take softer line on allegations of cronyism AFX-Asia AN executive summary of the final report of an audit of state oil company PT Pertamina offers no explanation on why its estimates on losses incurred by the
      AFX-Asia; FILE PHOTO  -  595 words
    • Article, Illustration
      Lock icon Chuan denies banks need massive infusion of US$23b
      464 10 BANGKOK AFP, Reuters THAILAND hit back yesterday at global ratings agency Standard and Poor's for a report questioning the government's banking reforms and saying the sector needed a farther injection of more than US$23 billion (5138.6 billion). Prime Minister Chuan Leekpai said
      AFP,; Reuters  -  464 words
    • Article
      Lock icon Asian recovery still fragile: IMF
      417 10 BANGKOK Reuters ASIA'S economy has begun to recover from recession but is still fragile, the International Monetary Fund said yesterday. Kunio Saito, director of the IMF's regional office for Asia and the Pacific, told a regional automotive conference these fragile elements could hamper the recovery
      Reuters  -  417 words
    • Article
      Lock icon World Bank lends Thailand US$400m
      384 10 WASHINGTON Loan will help Bangkok sell state companies and cot its budget Bloomberg THE World Bank yesterday approved a US$4OO million (***** million) loan to help Thailand sell state companies and cut its budget, taking the action only a month after the government said it
      Bloomberg  -  384 words
    • Article
      Lock icon Tanayong stake in mass transit system for auction
      349 10 BANGKOK Bloomberg A STAKE of 26.3 per cent in Bangkok Mass Transit System Pic, Thailand's first elevated train system, is scheduled to be auctioned off on Nov 5. The 265 million shares come from majority shareholder Tanayong Pic, an ailing Thai property
      Bloomberg  -  349 words
  • Page 10 Advertisements
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      Lock icon Page 10 Advertisements Column 1
      1097 10 NOTICES To advertise call toll-free 1800-741 1883 Fax No: 741 129 NOTICE IS HEREBY GIVEN that I, LOW CHEE KEONG of 10P Braddell Hill, Braddell View, #04-70 Singapore *****3, have applied for a Ist Class Public House (Extended) Licence in respect of M/s Huang He Splash located at 42A/44/44A Pagoda
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      Lock icon Page 10 Advertisements Column 2
      26 10 FREE! If you have found something, you can advertise for free in Classification 821 (Found) to seek its Owner. CaU C.A.T.S. at 1800-737-1166. Another Classified Service
      26 words
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  • EAST asia
    • Article
      Lock icon Chinese offshore oil giant scraps US$2.5b global stock sale
      612 11  -  CNOOC cites falling Asian share prices, flood of similar sales From Meera Tharmaratnam in Hongkong CNOOC Ltd, China's biggest offshore oil producer, yesterday scrapped a global stock sale to raise up to US$2.5 billion (554.2 billion), saying falling Asian markets had
      612 words
    • Article, Illustration
      Lock icon Beijing pledges package to boost market
      392 11 SHANGHAI Share boybacks will be allowed on 'experimental' basis Reuters CHINA gave its stock investors a bit of pre-weekend cheer yesterday as a top market regulator promised a package of measures to boost sagging sentiment. Zhou Zhengqing, head of the China Securities Regulatory Commission,
      Reuters; FILE PHOTO  -  392 words
    • Article
      Lock icon City Telecom selling 70m shares to fund networks
      331 11 m HONGKONG Its controlling shareholder will also sell 46m existing shares Bloomberg CITY Telecom (HK) Ltd, which claims the second-larg-est share of Hongkong's overseas calling market, said it will help finance the building of its own networks for overseas and local calls
      Bloomberg  -  331 words
    • Article
      Lock icon New World's telecom loss at HK$717.7m
      239 11 HONGKONG Reuters NEW World Development Co Ltd said yesterday the operating loss for its telecommunications business amounted to HK1717.7 million (*****.2 million) for the year ended June 30, 1999, compared with a HKJ646.2 million loss in the year ago period. The company's property sales
      Reuters  -  239 words
    • Article
      Lock icon China slaps hefty tax on interest to spur spending
      370 11 SHANGHAI 20% tax en bank interest Utter than expected AFP THE Chinese government announced on Thursday it will begin collecting a 20 per cent tax on bank interest earnings from Nov 1, in the latest effort to encourage consumption by savings-minded
      AFP  -  370 words
    • Article
      Lock icon HK aircraft union starts go-slow
      287 11 HONGKONG THE Hong Kong Aircraft Engineering Co (Haeco) employees union yesterday started a work-to-rule labour action against the company, which maintains commercial aircraft, targeting Cathay Pacific Airways planes in particular. The move means aircraft mechanics, upset about cuts in night-shift and other allowances, will strictly
      287 words
    • Article
      Lock icon Taiwan ups tariffs on 187 textile products
      125 11 TAIPEI Reuters TAIWAN'S Cabinet has approved 50 per cent import tariff hikes on 187 textile products to protect local industry, having won the blessings of World Trade Organisation members, a finance ministry official said yesterday. He said the Cabinet on Thursday adopted a
      Reuters  -  125 words
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      25 11 r~ g m W£ si we Mean Business NEWsfl Hwnrty Buskins Updates, Monday to Friday on Hewsfladto 98.1 FW Newsßadi&93.o HPwii Hunt 'MtF 4 rcs.cem.sn/newsraae
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  • SOUTH asia
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      Lock icon Pakistan's military regime trains its sights on corrupt elite
      449 12 Central bank told to freeze bank deposits of politicians and spouses Reuters, AFP [KARACHI] Expectations that Pakistan's military regime would crack down on the nation's corrupt elite soared yesterday after it directed the central bank to freeze the bank deposits of
      Reuters,; AFP  -  449 words
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      Lock icon India curbs MNCs forming new units
      164 12 NEW DELHI Local partners must certify they have no objections AFP THE new Indian government said yesterday that multinational firms will have to continue taking permission from their local partners to set up wholly-owned subsidiaries in the country. Commerce and Industry Minister Murasoli Maran
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    • Article
      Lock icon State Bank of India, seven associates to merge: report
      511 12 BOMBAY Mega group will then have Ssll6b in assets AFTER years of debate, India's premier banking group, the listed State Bank of India (SBI), has taken an "in principle" decision to merge its seven associate banks with it, the Economic Times
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      Lock icon India wants 10-12% exports rise
      280 12 NEW DELHI Target for F***** tongh, as analysts expect only 2.4% rise Bloomberg INDIA has targeted an export growth of 10-12 per cent for the fiscal year ending March 2000 in an effort to narrow the country's trade deficit. Exports are expected to expand by
      Bloomberg  -  280 words
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      424 12 Where to wine, dine and Ml Select from our extensive a la carte buffet menu featuring 60 superb Sichuan and Cantonese gourmet delights. $22 (Adult) $15 (Child) for 4 to 5 persons $20 (Adult) $15 (Child) for 6 persons 8C above For reservations, please call 290 8005/299 9011. Pnta tulfttt
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      29 12 Ittv A veritable vF treasure trove of exotic Turkish cuisine, culture craft. VENUE The Belvedere (4th floor, Main Tower) 333 Orchard Hoed. sim«nw 2388fc7 let: 737 4411 Htc7J2 2361
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  • WORLD news
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      Lock icon Surging stock gains put investors, lenders at risk: Greenspan
      938 13 WASHINGTON Financial institutions should boost reserves to weather market panic, says Fed chief Bloomberg FEDERAL Reserve chairman Alan Greenspan said surging stock prices have increased risks for investors and lenders, and financial institutions should boost their reserves to weather market panics.
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      Lock icon Is Bill Bradley just the ticket?
      994 13  -  novu v £1V v California primaries if he becomwtlwk Dements' choice for jnwW—Hil reiMete From Leon Hadar tn wasnmgum LAST December, as the members of the Democratic party establishment were ready to nominate Vice-President A 1 Gore as the party's presidential candidate, former New
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      Lock icon BOJ sets scene for increase in money supply
      374 13 TOKYO Bloomberg, Reuters JAPAN'S central bank, looking to justify its decision to pave the way to increase money supply, maintained its downbeat view of the economy and said the stronger yen would hurt export earnings. The Bank of Japan said yesterday the
      Bloomberg,; Reuters  -  374 words
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      Lock icon NTT share sale to raise US$12b for bank bailout
      263 13 TOKYO Bloomberg JAPAN'S Ministry of Finance said it will sell as many as 952,000 shares, or 6 per cent, in Nippon Telegraph Telephone Corp next month to raise about US$l2 billion (Ss2o billion) to help fund a bank bailout. The ministry,
      Bloomberg  -  263 words
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      Lock icon Praying for peace in Chechnya
      47 14 [MOSCOW] A group qfßussian Buddhist monks layingflowers and praying in Victory park in central Moscow yesterday. The group visited a mosque in the park before praying for peace in the breakaway republic qf Chechnya, where Russian forces are fighting Muslim rebels. REUTERS
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      Lock icon Jump in US wholesale prices raises spectre of rate hike
      501 14 WASHINGTON Wholesale inflation grows at its fastest pace in nine years in September Reuters SHARP rises in cigarette, car and energy prices in September drove US wholesale inflation up at the fastest pace in nine years, the government said yesterday
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      Lock icon Euro bulls see few hurdles to run-up
      469 14 LONDON Reuters THE euro is set to surpass yesterday's near-seven-month peaks against the US dollar as US assets become less attractive, fuelling concern about how the United States will fund its trade deficit, analysts said yesterday. The gap between the yield on the
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      Lock icon Fed, Treasury reach deal on bank reform bill
      416 14 WASHINGTON lawmakers working ont final version hi find on compromise THE Federal Reserve and Treasury Department on Thursday struck a deal that removed a long-standing regulatory obstacle to a bill that would lift Depression-era restrictions on banks. The compromise dramatically increases the
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      Lock icon Medecins Sans Frontieres wins Nobel Peace Prize
      232 14 OSLO AFP THE humanitarian organisation Medecins Sans Frontieres (Doctors Without Borders) was awarded the 1999 Nobel Peace Prize yesterday by the Norwegian Nobel Institute. Medecins Sans Frontieres (MSF) was honoured for its "pioneering humanitarian work on several continents," the institute said in its
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      Lock icon Intel to buy DSP Communications for US$1.6b cash
      560 14 SANTA CLARA, California World's No 1 chipm&ker its 2nd biggest acquisition; largest all-cash transaction Bloomberg INTEL Corp, the world's largest computerchipmaker, agreed to buy DSP Communications Inc for about US$l.6 billion (552.7 billion) in cash to add chips that connect wireless phones
      Bloomberg  -  560 words
    • WORLD Watch
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        Lock icon Knight Ridder Q3 profit up 34%
        84 14 Bloomberg (SAN JOSE. California] Knight Rldder lac, the No 2 US 1 newspaper publisher, said climbed 34 per cent amid stronger advertising sales. Profit froaf |IJ| operations rose to US$7B.2 million (5H27.7 million), or® US cents a share, from US$57 million, or 58 U8
        Bloomberg  -  84 words
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        Lock icon M'soft Q1 earnings to gain from PC sales
        94 14 Bloomberg beat estimates fi>r its fiscal first quarter when the world's biggest software maker reports earnings onTuesday, driven by strong sales of personal computers. MteSmMii: is wideiy expected to top by a penny or two the 34-US-<»nts-a-ehar© average estimate of analysts polled
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        Lock icon Sun Micro profits beat estimates
        59 14 Reuters [PALO ALTO, Cailroraia] Sun Microsystems lne% |< &/> reported Q1 earnings that were better than Wall Street expected, as it gained share In many of its markets. Sun said including charges, its Q1 net income rose to<JSs27l.l million (*****.5 million), or 83 US cents
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        Lock icon Gold drops as Asians postpone demand
        63 14 Bloomberg {LONDON] Gold dropped almost 3 per cent, its largest decline in a week, as prices near the highest level in two years reduced demand from Asian buyers, who account for more than one-third of global use. Gold prices have surged 17 per cent
        Bloomberg  -  63 words
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        Lock icon Caterpillar profit drops 35%
        86 14 Reuters [CHICAGO] Caterpillar Inc said yesterday lower sales If volume caused a 35 per cent drop in earnings, but the results beat Wall Street expectations and the company said it sees improvement in 3000. Caterpillar also trimmed its previous expectations and now expects sales and revenues
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        Lock icon Rhone-Poulenc sells stake in Rbodia
        53 14 Bloomberg [PARIS] Rhone-Poulenc SA add its 67 per cent stake in chemicals maker Rhodia SA to the public forftboutaJ j billion euros (S|4 billion). It sold about 61 million shares for 18 euroe each, raising about 1.1 billion euroe. It also sold LI billion euros
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  • FINANCE & commodities
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      Lock icon Futures not spared as stocks tumble
      223 15  -  Si rtfTTT Reports MSCI Singapore Into Daphne Tay, Jardine Fleming THE Singapore stock market was hammered yesterday, following Federal Reserve chairman Alan Greenspan's comments urging financial institutions to strengthen their reserves given the increased risk exposure as a result of surging stock prices. Investors
      223 words
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      Lock icon Futures down alter Greenspan's warning
      188 15  -  MSG! Taiwan fatnres Cecilia Woo Refco Singapore THE Simex MSCI Taiwan Stock Index futures lost 3.6 points yesterday despite the Dow and Nasdaq ending in positive territory overnight. With no new incentives and Fed chief Alan Greenspan's remark that surging stock prices increase the risk
      188 words
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      Lock icon Oil weakens as speculators take profit
      284 15 EMEROY REPORT Reuters [LONDON] Crude prices weakened on some proflt-tak-ing yesterday after a midweek price spike as dealers tried to balance signs of an erosion in global oil stocks against hints that Opec discipline was slipping slightly. World benchmark Brent blend crude oil futures
      Reuters  -  284 words
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      Lock icon CURRENCY REPORT
      313 15 AFP, Reuters THE US dollar fell to Its lowest in nearly seven months against the euro yesterday as inflation concerns sparked a steep fall in US stocks. The Dow Jones Industrial Average fell more than 2 per cent at one point after a stron-ger-than-expected rise of 1.1 per
      AFP,; Reuters  -  313 words
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      Lock icon Untitled
      1116 15 MTHKBAim CROSS RATBI 0^16 A$ CI Caro rtT !>■ W Mb 0a>te5 Vat It 58 M2} Nt to Nw S$ 5—4 Mr ffift m US$ Awtraia 09*2 4.171 0.66 4.034 1103 5375 2538 5U21 0395 7370 L483 12*7 ***** 2*172 1093 UN MM 20.*****575 0351 0*52 I Um* 1036 5.604
      1,116 words
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      Lock icon Untitled
      1667 15 MOUMIHTlim OctiB NMCI (Mm* ctostaf at at UOpa) ISS1 CONTRACT <S cwtyVq) CbN VoftM OBM jgr Lwr Wtt {Utmn) irtamt 99 106.00 500 ftKtt 108.00 10&00 106.00 90 000 JmOC 110.75 100 Rp 00 113.25 100 BSSJCONTtACTOfic***/*} VotaM OBM Mowtt HUfc 10. utt (to—t) htwSt *•*99 63.00 63.00 6100 150
      1,667 words
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  • STOCKS east asia
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      Lock icon Liquidity concerns pull down Hang Seng
      2580 16 HONGKONG AFP, Bloomberg Q Hang Seng -187.74 HONGKONG share prices dropped 1.5 per cent yesterday amid worries over a liquidity squeeze stemming from a large number of cash calls, dealers said. Howard Gorges, vice-pres-ident at South China Brokerage, cited a liquidity crunch resulting from
      AFP,; Bloomberg  -  2,580 words
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      Lock icon CHINA
      912 16 AFP, Reuters namfaißMii *170 SHENZHEN B shares ended 3.6 per cent higher yesterday, buoyed by official confirmation of a stock repurchase plan and a sharp rise on the Shanghai bourse, brokers said. The B Share Index added 2.70 points to 78.13 as turnover expanded to HKJ23.75 million from Thursday's
      AFP,; Reuters; Source: Credit Lyonnsis Securities(Asia) Ltd  -  912 words
    • Article
      Lock icon TAIPEI
      317 16 AFP UwrMn 4(182 TAIWAN share prices closed 0.8 per cent lower yesterday as investors locked in profits following a four-day winning streak, dealers said. "The market was driven down on profit-taking chiefly in plastic and technology issues," said Michael Hsu, analyst at Fubon Securities, adding that concerns over a
      AFP  -  317 words
    • Article
      Lock icon Investors lock in profits on Dow fears
      1918 16 TOKYO AFP Qwktonas jju> SHARE prices in Tokyo fell one per cent yesterday on profit-taking, brokers said. The Nikkei Average of 225 selected issues lost 178.60 points to end at 17,601.57. The Topix Index of all issues on the first section was down
      AFP  -  1,918 words
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  • STOCKS klse
    • Article
      Lock icon Untitled
      6989 17 J 9 U* P,, H v'«l Day Nat CM UN* Law Ca—any I* <00 M» U» P/C I— 440 2SS AJInomoto 310 mt 125.6 IS S:°o0 —ZZTaM unch *3 WO 320 74 !£o IS 450 graeaq .13 m ,2 £2 278 CSilCarp |Q5 iQ7 17a mj 1290 970 CorHbjro K>50
      6,989 words
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      Lock icon KL shares hit by Wall Street fears
      364 17 AFP, AFX-Asia Q Compos te Index -16L87 MALAYSIAN share prices fell 2.3 per cent yesterday as foreign investors unloaded their holdings, dealers said. The Kuala Lumpur Stock Exchange Composite Index fell 16.87 points to finish at 721.18. The Second Board Index was down
      AFP,; AFX-Asia  -  364 words
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  • SES clob & regional stocks
    • Article
      Lock icon Untitled
      1891 18 BOMBS AWARRAMTS H M M tar ualMi M Cat tar taM lm «ta ta— I* <r IW lm mm fZ Mm m T5 »4 3140 "Act W0W731 US) 363 1 18 MJ MJ 363 M 5Ii 1 tt6 169 196 80 U I 3164 Acma W0KX724 30 uncft 38 31
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      Lock icon BANGKOK
      697 18 AFP PsETMn -7M THAI share prices closed 1.9 per cent lower yesterday, in line with regional markets and with investors sidelined ahead of the release of banking sector third quarter results, dealers said. The Stock Exchange of Thailand (SET) Index fell 7.39 points to 385.40, off a high of
      AFP  -  697 words
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      Lock icon MANILA
      230 18 AFP Qbolla -31J7 PHILIPPINE shares fell yesterday due to a lack of positive news to Interest investors, analysts said. The Philippine Stock Exchange Composite Index fell 31.97 points to close at 2,014.63. Volume fell to 23 billion shares worth 12 billion pesos from 2.5 billion shares worth 11.1 billion
      AFP  -  230 words
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      Lock icon JAKARTA
      509 18 AFP HOnptatefalg +114 INDONESIAN shares closed slightly higher yesterday amid bargain-hunting, with investors hanging back on whether the assembly would accept the president's accountability speech, dealers said. A dealer with a state brokerage said the market opened lower following President BJ Habibie's accountability speech on Thursday. "The (early) feeling
      AFP  -  509 words
    • Article
      Lock icon WELLINGTON
      230 18 AFP PffeffingUn -aa NEW Zealand stocks closed down 1.1 per cent yesterday as leading shares softened with offshore buying orders drying up and investors taking profits after a three-day run-up. The NZSE-40 was down 22.36 to 2,106.12 on average turnover of NZ$95 million. —AFP we «n ww uo -002
      AFP  -  230 words
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      Lock icon SYDNEY
      519 18 AFP yillMhiriM jU AUSTRALIAN shares closed down 1.4 per cent yesterday as rate fears mounted an assault on banking and insurance stocks, brokers said. The benchmark All Ordinaries Index finished 39.0 points lower at 2,862.3. The All Industrials Index closed down 66.9 points at 4,914.9 while the All Resources
      AFP  -  519 words
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      Lock icon SEOUL
      241 18 AFP gOippMita Index -3J9 THE Korea Stock Exchange Index closed down 3.39 points at 862.63. Volume was 332.8 million shares worth 4 trillion won. —AFP MB Vnmrli-* ***** -WO •rata T«di MO -90 Central Bank 2030 10 CMCM ***** -000 DnhM 4430 -00 OMMngCorp 4*10 WW* Dmwcm mm -ao
      AFP  -  241 words
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  • Article
    Lock icon STOCKS ses
    5823 19 BOARD Transaction date: Oct 15 S2-Wk Or Gf M Wt Law StNo CamuDM L °*> LMt Owrta Dtv Dtv Yld Nat Cm Avf StM# Company Sata COOP) High Low Buyar s«lt«f C'vr P/t SmU Prtc* WLTHNBVSTVY 25 5 m IS? 2S^;5—: 3I c 84 112 110 jg W
    5,823 words
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  • EXEC lifestyle
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      Lock icon Earth's love affair with Mars
      743 20  -  Hollywood is planning at least 3 new films and a TV mini-series about the first human expedition to the Red Planet stbvb oorbkak reports STEVE GORMAN THE last time the Red Planet loomed large on the big screen—during the 1950s and 1960s—it was the Martians
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  • Page 20 Miscellaneous
    • Miscellaneous
      Lock icon Page 20 Miscellaneous Column 1
      1426 20 CRYPTIC CROSSWORD ACROSS W -mm BK K VM 6 Mother stayed on and played HL_JH—PBI hookey (10) P I 8 Boast made by a highflier (4) LhJ LJ— —hm Lm 11 Bad temper results from re- I P l" Jg current disaster H| service (3) P 4 I P 5
      1,426 words